China’s richest man, Wang Jianlin, summed it up best. Speaking to the BBC in March 2015 on why he plans to invest £1 billion in the UK market, the real estate mogul said it was the flexibility and security that appealed to him. “It has one of the highest degrees of free
market openness, no investment needs to be scrutinised, it’s entirely up to you,” he said. “I’ve travelled to many countries to consider them for investment, and most admire Britain’s market.” He’s not alone. More and more foreigners
are investing in the UK for the same reason. Yet while much of this has been focused on the London property market in recent years, things are changing fast. One reason for this is X1. This award-winning
developer, now one of the largest property developers located outside London, is attracting huge foreign investment in the North of England. For more than 20 years, X1 was a private company with a large rental portfolio in Manchester and Liverpool. But, when the credit crunch hit in 2008, it began to reconsider what it offered.
LANCASHIRE HOTSPOT Experiencing an unprecedented demand from renters, yet with construction in both cities having ground to a halt due to economic conditions, it decided to start developing. Focusing on a student accommodation scheme
first, it bought a prime location in Liverpool city centre without banking assistance or debt – something it continues to do today – and began construction. The firm offered more than 100 apartments,
priced between £26,000 and £40,000. “They flew out the door,” says Melissa Green, Regional Director at X1. “People couldn’t believe how good a product they could get for the price. They still can’t!” Today, X1 has 17 property developments
completed or under way across Liverpool, Manchester and Leeds, of which seven are student accommodation and ten are residential. Creating new builds and renovating listed buildings, it won Best Property Development at the International Property Awards in October 2014 for X1 The Quarter, a five-phase development in the heart of Liverpool. It is also currently behind the UK’s largest residential development outside London – X1 Media City in Manchester, offering over 1,000 apartments.
THE QUAY TO THE NORTH Dubbed “Canary Wharf of the North” due to the area’s expansive BBC and ITV studios, Salford University, Old Trafford and high-end shopping centres, Salford Quays is home to X1’s three-bedroom luxury penthouses, which are proving a magnet for foreign investors.
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“ PEOPLE COULDN’T BELIEVE HOW GOOD A PRODUCT THEY COULD GET FOR THE PRICE. THEY STILL CAN’T!”
“People were nervous about buying
here with us when we first started,” says Melissa. “Now, many are repeat investors, with 85 per cent based in China, Dubai and Singapore. People are delighted with the value they can get in Liverpool, Manchester and Leeds, and that’s because we know the areas well. X1 get great deals on land, and spend a lot of time ensuring that we offer the right product at the right price.” This means developments that are all
located within ten minutes of the city centre have Wi-Fi, storage, secure private parking and quality furnishings. “We offer student and residential property that is a standard above anything else out there right now,” says Melissa. “Our investors also receive five years’ rental management included in the price, ensuring a seamless service is carried out by our sister company X1 Lettings.” Ultimately, however, people keep
investing because of the sizeable and secure return these properties continue to deliver. With figures ranging from 6 to 8 per cent per annum, Wang Jianlin would surely approve.
www.x1developments.com
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